742.311
Annual review of adequacy of contribution rates.

(A)
As used in this section, "entry age
normal actuarial cost method" means an actuarial cost method under which the
actuarial present value of the projected benefits of each individual included
in the valuation is allocated on a level basis over the earnings or service of
the individual between the entry age and the assumed exit age, with the portion
of the actuarial present value that is allocated to the valuation year to be
the normal cost and the portion of the actuarial present value not provided for
at the valuation date by the actuarial present value of future normal costs to
be the actuarial accrued liability. Under this method, the actuarial gains or
losses are reflected as they occur in a decrease or increase in the unfunded
actuarial accrued liability.

(B)
The Ohio retirement study council shall annually review the adequacy of the
contribution rates provided under sections
742.31 ,
742.33 , and
742.34 of the Revised Code and the
contribution rates recommended in a report by the actuary of the Ohio police
and fire pension fund for the forthcoming year.

The actuarial calculations used by the actuary shall be based
on the entry age normal actuarial cost method, and the adequacy of the
contribution rates shall be reported on the basis of that method. The Ohio
retirement study council shall make recommendations to the general assembly
that it finds necessary for the proper financing of the benefits of the Ohio
police and fire pension fund.